USA, Chicago. JBT Corporation, a global technology solutions provider to high-value segments of the food & beverage industry, announced it has completed two acquisitions.
First, the previously announced acquisition of Proseal UK Limited, a leading provider of tray sealing technology has been completed. Additionally, the company has completed the acquisition of Prime Equipment Group, Inc., a manufacturer of turnkey primary and water re-use solutions to the poultry industry based in Columbus, Ohio.
"The acquisition of Prime advances our goal of becoming the preferred provider of full-line solutions for poultry customers with the addition of Prime's primary processing capabilities," stated Tom Giacomini, JBT's Chairman, President, and Chief Executive Officer. "Prime's deep expertise, reputation, and high-quality products and services complement our strategy and winning culture at JBT."
"Prime's latest technologies address pressing needs in the poultry industry in the areas of automation and water re-use which will further strengthen our customer relationships," said Paul Sternlieb, JBT's Executive Vice President and President, Protein. "Prime's annual revenue of approximately $45 mill. is primarily concentrated in the USA, and we look forward to leveraging JBT's global reach to accelerate the deployment of the automation and water technology for growth outside the USA."
The purchase price for Prime is $65 mill. and $280 mill. for Proseal. Both agreements include customary post-closing adjustments.